Was The Great Depression Justified Essay

We all have heard stories of the Great Depression from our grandparents, and other people telling about it. We hear about it in school, and have to do homework and take test on. What a lot of people don't realize is that at the same time the whole world was undergoing a Great Depression of their own. We are not going to go into all that but just the on in America. During the summer of 1929, the American economy entered an ordinary ression following the end of WWI. As a result, consumer spending dropped, and unsold goods began to pile up in factories, slowing down production. In return, people started to be laid off from their jobs. At the same time that this is going on, stock prices are creeping up, and by the fall of 1929, it had reached levels that could not be justified by predicted future earnings. On October 24, 1929, the stock market finally crashed, as investors began dumping shares in mass amounts. 12.9 million Shares

Hoover was a Republican that had also had severed as a US secretary of commerce. He believed that the economy was something that the government shouldn’t directly intervene in and that it wasn't its job to create. Jobs of any kind of economic relief for U. S. citizens. In 1932, the country continued to drop deeper into depths of the great depression and some 13-15 million people was unemployed. That's more than 20 percent of the US population at the time. People wanted a change, so the people wonted a Democrat in office. The way people think when the country is going through hardships they feel a change in political parties will fix everything. So Franklin D. Roosevelt a Democrat won the election with an overwhelming victory. By the time Roosevelt's Inauguration Day on March 4, 1933, every U.S. treasury didn't have enough cash to pay the government workers to keep working. After this is when Franklin D. Roosevelt proclaimed the Ramous saying that only thing we have to fear is fear